Rectification u/s 154

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 November 2010 Dear All
the assessee has not claimed depreciation while filing the ITR, whether the same will be an mistake apparent from record u/s 154 of act.
Plz guide

A. Sankaranarayana

A. Sankaranarayana (Expert)
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16 November 2010 Dear Sir/Madam,

U need to file one revised return - U/Sec.154 talks about the rectification of order. Here, the mistakes happend from assessee end.

CA.Madhusudan B.P.

CA.Madhusudan B.P. (Expert)
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16 November 2010 Sec 154 speaks of Assessing Officer order & if there is any mistake of fact, it can be rectified.
In your case, you can claim the depreciation on the assets for which no depreciation is made. There shall be income from Business or Profession.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 November 2010 Allowing depreciation has become mandatory. Overlooking a non-discretionary but mandatory provision is a mistake that can be rectified under section 154. The following case law can be relied upon.
ACIT Vs. India Tin Industries pvt Ltd (1987) 166 ITR 454 (Kar).